Riviera Beach land auction open to all Jan. 25

Posted: 12:01 a.m. Wednesday, Jan. 15, 2014

By Kimberly Miller – Palm Beach Post Staff Writer

These two lots at 3019 and 3021 1/2 Avenue J have a combined assessed value of $18,845, according to the Palm Beach County Property Appraiser.

RIVIERA BEACH —

The City of Riviera Beach will auction more than 50 properties next week to raise money for its general budget and clean up city eyesores.

The properties, which include boarded up single-family homes and vacant lots, have an assessed value of more than $583,655, according to the Palm Beach County Property Appraiser. Individually, the values range from $2,751 for a lot on West 29th Street to $52,540 for a 1,900-square-foot home with three bedrooms on West 30th Street.

This home at 1953 Gardenia Court has an assessed value of $33,000, according to the Palm Beach County Property Appraiser.

This home at 1953 Gardenia Court has an assessed value of $33,000, according to the Palm Beach County Property Appraiser.

Pompano Beach-based Fisher Auction Co. will conduct the Jan. 25 sale. Company President Lamar Fisher said the auction gives neighbors a chance to buy adjacent properties instead of selling everything wholesale to a corporate buyer.

“We’ve had people calling already,” said Fisher, who is also the mayor of the City of Pompano Beach. “We have one townhome that is in beautiful shape then some homes that will obviously need some work.”

The city acquired the properties through foreclosures, donations and a expired community redevelopment program. The contract with Fisher Auction includes a payment not to exceed $9,450, said Benjamin Guy, director of purchasing for Riviera Beach.

 Proceeds from the sale will go into the city’s general budget, said Riviera Beach Mayor Thomas Masters.

“It’s a wonderful thing to be able to sell the homes and hopefully get people who want to build houses on the vacant lots,” Masters said. “They’ll also get back on our tax rolls, which is income for the city.”

Although the sale will be Fisher Auction’s first municipal sale in Palm Beach County, the four-decade old company has handled auctions of municipal-owned property in the City of Miami, Miami Beach, Fort Lauderdale and in other states. In 2004, Fisher Auction Co. facilitated the $28 million sale of the Miami Arena to developer Glenn Straub, who owns the Palm Beach Polo & Country Club. Straub sold the property in 2012.

Auctions can yield lower sale prices because bidder participation is more limited than if something was listed on the MLS, said Jim Banford, chief executive of Real Estate Asset Disposition Corp., which has its main office in West Palm Beach.

But the advantage is a shortened sale timeline, Banford said.

“Specific to the Riviera Beach sale, results will be known on auction day and presumably closings within 30 days after,” he said.

Another benefit of having a private auction company handle the sale of city property is that it helps eliminate concerns over collusion or favoritism, Fisher said.

“It provides an arms-length transaction,” Fisher said. “It lets everyone compete on the same terms.”

The auction begins at 11 a.m. in the Newcomb Banquet Hall, 180 E. 13th Street. To participate, bidders must bring a deposit in the form of a cashier’s check for $1,000 for a vacant lot and $2,500 for a home. Telephone bids will be accepted. All properties are sold “as is, where is.”

For more information and to register for the sale, go to www.fisherauction.com or call (954) 942-0917.



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